农产品日报：标猪供应增加，猪价震荡调整-20251106

Group 1: Investment Ratings - The investment strategy for the pig and egg industries is cautiously bearish [3][5] Group 2: Core Views - The supply of standard pigs is increasing, and pig prices are fluctuating and adjusting. The pattern of strong supply and weak demand in the pig market is difficult to change due to factors such as future supply pressure and potential over - supply at the end of the year [1][2] - For eggs, the situation of oversupply persists as new grain is concentrated on the market, and enterprises have low inventory and weak willingness to build up stocks. Attention should be paid to farmers' selling progress and traders' inventory strength [4] Group 3: Market News and Important Data Pig - Futures: The closing price of the live pig 2601 contract yesterday was 11,945 yuan/ton, a change of +260.00 yuan/ton from the previous trading day, an increase of +2.23% [1] - Spot: In Henan, the price of external ternary live pigs was 11.85 yuan/kg, a change of - 0.11 yuan/kg from the previous trading day; in Jiangsu, it was 11.96 yuan/kg, a change of - 0.19 yuan/kg; in Sichuan, it was 11.46 yuan/kg, a change of - 0.17 yuan/kg [1] - Agricultural product prices: On November 5th, the "200 - index of agricultural product wholesale prices" was 124.97, up 0.01 points from yesterday. The average wholesale price of pork in the national agricultural product wholesale market was 18.19 yuan/kg, up 0.9% from yesterday [1] Egg - Futures: The closing price of the egg 2512 contract yesterday was 3,217 yuan/500 kilograms, a change of +73.00 yuan from the previous trading day, an increase of +2.32% [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin, with no change from the previous trading day; in Shandong, it was 2.85 yuan/jin, with no change; in Hebei, it was 2.76 yuan/jin, a change of +0.07 yuan/jin [3] - Inventory: On November 5th, 2025, the national production - link inventory was 1.13 days, a decrease of 0.02 days from yesterday, a decrease of 1.74%. The circulation - link inventory was 1.29 days, unchanged from yesterday [3] Group 4: Market Analysis Pig - The inventory of large and medium - sized pigs over 5 months old nationwide decreased by 0.1% month - on - month, and the year - on - year decline narrowed by 2.4%. The number of newborn piglets increased by 0.3% month - on - month and 6.6% year - on - year, with a significant increase in large - scale farms, indicating obvious long - term supply pressure [2] Egg - Deep - processing and feed enterprises have relatively low inventory, weak willingness to build up stocks, and a strong wait - and - see attitude, with spot - purchasing as the main trend [4]